Tag Archives: company news

Saudi Aramco Inks 20-Year Deal with Sempra for LNG Supply

(PLN News Services) – Saudi Aramco signed a 20-year agreement to buy LNG from a forthcoming export terminal in Texas that U.S.-based Sempra Energy is developing, the two companies said . The sale-and-purchase agreement for 5 mtpa of LNG is Saudi Arabia’s first known, nonbinding agreement to buy LNG and the largest such LNG deal since 2013, according to Wood Mackenzie. The agreement is a major step forward in Aramco’s long-term strategy to become a global LNG player, said Amin Nasser, the company’s CEO. “With global demand for LNG expected to grow by around 4% per […]

IFM Investors to Acquire Operator Buckeye Partners for $6.5 Billion

(Reuters) – Asset manager IFM Investors will acquire pipeline operator Buckeye Partners LP in an all-cash deal for $6.5 billion, they said in a joint statement on Friday. Under the terms of the deal, Buckeye shareholders will get $41.50 per common unit held. This represents a 27.5% premium to Buckeye’s closing price on Thursday.  The deal, which will expand IFM’s midstream energy infrastructure portfolio, is expected to close in the fourth quarter of this year. “This acquisition is aligned with IFM’s focus on investing in high quality, essential infrastructure assets that underpin the economies in […]

Chevron Drops $33 Billion Pursuit of Anadarko, Hands Win to Occidental

Chevron Corp abandoned its pursuit of Anadarko Petroleum Corp on Thursday, outmaneuvered by a higher rival bid of $38 billion that included more than three times as much cash. The decision leaves Occidental Petroleum Corp as the likely victor in a contest that again proved the allure of U.S. shale. Anadarko’s board had considered Chevron’s $33 billion bid superior to Occidental’s initial offers, pointing to a signed agreement and joint planning meetings. Chevron’s finance chief signaled the company would be able to put more cash into its existing offer. But that did not happen. The No. 2 U.S. […]

Marathon Petroleum Combines Midstream Operations for $9 Billion

FINDLAY, Ohio (AP) — Marathon Petroleum Corp. is merging two of its oil and gas pipeline, transportation and storage operations for $9 billion. MPLX and Andeavor Logistics are both master limited partnerships majority owned by Marathon, which raised the possibility that it might combine the two late last year. The enterprise value of the deal is listed at $14 billion, and it The deal is expected to close in the second half of the year. Andeavor unitholders will receive 1.135 MPLX common units for each Andeavor common unit held. Marathon will receive 1.0328 MPLX common […]

Exxon, PetroChina Close to Signing Deal with Iraq

BAGHDAD (Reuters) – Iraq is close to signing a $53 billion, 30-year energy agreement with Exxon Mobil and PetroChina, Prime Minister Adel Abdul Mahdi said on Tuesday, denying any link between the mega-project and U.S. permission for Iraq to do business with Iran. The project is crucial to supplying water to oilfields in the south in order to boost pressure and keep production steady. Iraq expects to make $400 billion over the 30 years the deal will be in effect, the prime minister said. The southern mega-project involves the development of the Nahr Bin Umar […]

Snelson Awarded Final 2 Phases of Saginaw Trail Pipeline Project

Snelson has been awarded a contract to complete the final phases of the Saginaw Trail Pipeline project in Lower Michigan. The project should be completed in December 2020. Phase 3 of the project, which includes installation of 29.2 miles of larger pipeline between Clio City Gate to Grand Blanc City Gate, is anticipated to begin in Spring 2019. This phase not only replaces the existing 12- and 16-inch pipe with new 24-inch pipeline, but also reroutes the path around the urban area of Flint. Phase 4, beginning in 2020, will replace 28.2 miles of pipeline […]

Rangeland Plans Crude Gathering Project in Alberta

Rangeland Midstream Canada plans to design, construct and operate new crude oil and condensate pipelines in the Marten Hills region of north central Alberta. The Marten Hills Pipeline System will extend 53 miles (85 km) and consist of crude oil and condensate pipelines and related facilities. The system is expected to come into service in the second quarter of 2020. The system will gather crude oil production from the Clearwater formation, described by the company as “emerging as an extremely economic play with low extraction costs using modern multilateral horizontal drilling.” The system will deliver […]

Apache Halted Permian Gas Production in March Due to Bottlenecks

(Reuters) – Oil and gas producer Apache said it temporarily halted production at its Alpine High assets in the Permian basin in late March, curtailing output of about 250 MMcf/d because of extremely low prices. Oil and gas pipeline construction in the Permian has not kept up with output, which has more than doubled over the past three years, making the country the world’s largest oil producer. Several new pipelines are in the works, but none are expected to enter service before late 2019. The Gulf Coast Express pipeline and the Permian Highway – designed […]

Canada Pushes Back Deadline for Trans Mountain Pipeline Decision

CALGARY – Canada has extended the deadline for a decision on whether to push forward with the expansion of the Trans Mountain oil pipeline to June 18 from mid-May, the government said. The Trans Mountain expansion (TMX) project would nearly triple the amount of crude flowing from Alberta’s oil sands to British Columbia’s coast, but has been beset by regulatory delays and opposition from indigenous groups, environmentalists and the government of British Columbia. Amarjeet Sohi, Canada’s minister of natural resources, said the delay would give the federal Liberal government more time to consult with indigenous […]

New Concho-Frontier JV to Construct Midland Basin Gathering System

Concho Resources and Frontier Midstream Solutions IV signed an agreement to create the Beta Crude Connector (BCC), which will include a 100-mile gathering system with an additional capacity of 150,000 bpd. The project, located in the Northern Midland Basin, also consists of 250,000 barrels of crude oil storage facilities as well as truck terminals. Concho agreed to enter into a long-term acreage dedication agreement with BCC. Following an open season set for April, construction will begin, targeting initial flows in mid-2019.

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